In our 60 second interview series, Citywealth speaks to Harinder Hundle, managing partner of TwinFocus, London, on building trust and friendship with clients, and mixing business with leisure.
Tell me about your role.
I’m Managing Partner of TwinFocus, London. TwinFocus advises on over $5.5bn of assets for 35 families around the world and I’m responsible for leading our European business, drawing upon the support and world class infrastructure of our Boston practice.
How has the private client industry changed?
The industry has become larger by size, influence and importance in both the private and public markets in the last 20 years, driven by the significant material increase in wealth of the top 1 per cent. The industry has had to respond to changing circumstances in client needs as private and alternative markets grow, increasing regulation and transparency of fees. Family offices – and the unique Multi-Single Family Office that I believe TwinFocus pioneered – have gained prominence in global financial dealings. Many players and financial institutions recognise the value of our sector but very few deliver a high-quality holistic approach to meet the increasingly complex and often institutional like needs of the private client.
What lessons have you learnt?
One of the most important lessons, which is a foundation for many others, is to always consider the world through the eyes of your client. Understanding their perspective and working hard to exceed their expectations will enable you to continually deliver excellence throughout the entire solution. In the process, it’s also important to keep an eye to the future so you can adjust strategies and advise clients proactively. From more of an internal perspective, it’s important to always respect your team’s opinion.
Tell us about interesting client instructions.
We have been working with one of our European families to acquire an insurance company in the UK which would make them the 4th largest car insurance firm in the country. We are managing the entire corporate finance process and eventual investment management mandate, which is a very unique role for a multi-family office to fill. But our deep understanding of the family and its business and financial goals allows us to streamline decisions and expedite the transaction while ensuring that everything’s being done in the family’s best interest.
What challenges do your clients face?
Each client is unique, but there are some recurring themes. These include wealth structuring in an ever-changing geo-political environment, next generation planning and responding to the opportunity and challenges of technological change. Finally, the MSCI World Index has had 10 years of strong capital market growth, so positioning portfolios as we face more volatile times from an investment perspective is key.
What’s the most rewarding aspect of your role?
Building trust and friendships with our clients and their children, and adding genuine value to their lives along the way, is the most gratifying part of the job. And when you’re able to exceed their expectations, it adds to an even higher level of satisfaction.
What’s the best piece of advice you’ve received?
Stop talking and start listening.
What was the last book you’ve read?
Written in History: Letters that Changed the World by Simon Sebag Montefiore.
Where was the last place you travelled to for work or pleasure?
Tulum, Mexico and it was for both business and pleasure. I went to celebrate the marriage of Paul Karger – the co-founder of TwinFocus. Often business and leisure merge in the family office world, and the celebration was attended by many of the firm’s clients.
How do you relax after a long day?
Be with the kids, sweat it out, a glass of wine and some good food - all in that order.